-LRB- CNN -RRB- -- BMW Oracle won the America 's Cup as victory in Sunday 's second race off Valencia against Swiss holders Alinghi gave them an unassailable 2-0 lead in the best-of-three series .

The syndicate , founded by software magnate Larry Ellison , is the first American team to win yachting 's most prestigious trophy since 1992 .

Ellison was on board as they clinched victory by a margin of five minutes and 26 seconds , underlining their superiority against Alinghi , who made a series of uncharacteristic errors in both races off the Spanish coast .

`` It 's an absolutely awesome feeling . I could n't be more proud , '' said the 65-year-old billionaire , who fought a lengthy legal battle to earn the right to challenge the Swiss syndicate .

The victory means the Golden Gate Yacht Club of San Francisco will now defend the America 's Cup in the 34th staging of an event which dates back to 1851 .

Oracle have held the technological edge in both races , with a radical 223ft -LRB- 68 meters -RRB- wingspan on their catamaran .

Alinghi , who won the trophy with a 5-2 win over Team New Zealand in Valencia in 2007 , dropped a possible protest after the second race as the result was confirmed .

Light winds meant the start of Sunday 's race was delayed for six hours , but when racing got underway Alinghi were again at a disadvantage having been penalized before the start , as in Friday 's defeat .

But with Ernesto Bertarelli at the helm , Alinghi held an early lead of over 600 meters before Oracle established a winning advantage of their own , touching speeds of 30 knots on the 39-nautical mile course .

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BMW Oracle take a winning 2-0 lead in the best-of-three America 's Cup series

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The American challengers beat Swiss holders Alinghi by over five minutes on Sunday

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Software magnate Larry Ellison founded BMW Oracle over 10 years ago

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Golden Gate Yacht Club of San Francisco now official defender of America 's Cup